The EUR/USD price crawled back as investors waited for the upcoming interest rate decision by the European Central Bank (ECB).
The ECB will conclude its two-day meeting on Thursday and deliver the highly anticipated interest rate decision.
Data published by Eurostat showed that the bloc’s unemployment rate has crashed to an all-time low, signaling that the labor market is strong. Other numbers show that the manufacturing sector is seeing an impact of supply shortages and high cost of doing business. Business and consumer sentiment has also dropped.
The ECB decision comes at a time when other central banks have become significantly hawkish. On Wednesday, the Canadian and New Zealand central banks delivered strong rate hikes. The Fed has also hinted that it will continue hiking rates.
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